Income tax calculator 2011-12 India

We have a simplified and easy online income tax calculator 2011-12 as per the Income tax rules of  India. This is applicable for finance year 2011-2012 and assessment year 2012-2013. Through this income tax calculator you can also calculate income tax for assessment year 2011-12 (income tax calculation for the Financial Year 2010-11).

difference between assessment year and financial year | Income Tax Slabs for ay 12-13 / fy 11-12

Income tax calculator 2011-12

The online income tax calculator has the options for male, female, senior citizen and another category introduced this year senior senior citizens above the age of 80 years. The income tax calculator takes care of all the necessary calculations.

The following data is required from your end and filled in the adjacent calculator

Gross salary including bonus prerequisites etc.

Income tax exemptions under section 10, HRA, LTA, child education allowance etc.

Income tax exemptions under section 16, professional tax etc.

Income tax exemptions under Chapter 6A, up to Ts 100,000 this includes EPF, housing loan interest, tuition fee, ELSS etc.

Highlights of Income tax rates in budget 2011

Tax exempt limit for general tax payers ( males) increased to 1.8 lakhs from original 1.6 lakhs

Senior citizen age for  senior citizen slab reduced to 60 years which was 65 years earlier. Senior citizen income tax slab now include people between 60 and 80 years. Tax exempt limit for senior citizen also increased to 2.5 lakhs from previous years 2.4 lakhs

A new category called “Very Senior citizen” added for people above 80 years which has much higher tax rebates.

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5 comments to income tax calculator 2011-12

  • S.P.Saxena
    July 27, 2011 at 5:26 pm · Reply

    What is the Age limit start for the Senior Citizen for the ay 2011-12(fy 2010-11). Iam retired Govt servant of Age 63yrs. Am I senior Citizen and what is the Financial exemption limit in my case for the ay2011-12.

    • Ramesh
      August 10, 2011 at 3:42 pm · Reply

      Hi Mr. Saxena Ji I m Ramesh, u r coming under the category of Senior Citizen (Cut of as per Income Tax is 60 years) and u dont have to pay a tax unless ur net income exceeds Rs. 2,50,000/- after taking deductions under sec. 80C

    • E.SENTHIL
      October 15, 2011 at 4:33 pm · Reply

      What is the income tax rate for ltd companies for the assessment year 2012 – 13 for companies in india

  • A S Chary
    August 18, 2011 at 8:44 pm · Reply

    Dear Mr.Goel,

    Kindly let me know the maximum exemption limit of interest earned through Bank Deposits/private investment that will compute for taxable income during fy 2011-12 (ay 2012-13)

  • Rajesh
    September 12, 2011 at 2:56 pm · Reply

    Dear Sir,

    I am a salaried person planning to pursue further studies for a Management programme. I do not have any intention to take any educational loan. However from my own salary I am interested to join a correspondence course in Management where fees need to be paid semester wise. Please let me know if there are any exemptions given by Income tax for expenses incurred for self education. IF so which section says that.

    Regards

    Rajesh

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